What We Found
The total amounts of errors corrected in HUD’s notes and consolidated financial statements were$516.4 billion and $3.4 billion, respectively. There were several other unresolved audit matters, which restricted our ability to obtain sufficient, appropriate evidence to express an opinion. These unresolved audit matters relate to (1) the Office of General Counsel’s refusal to sign the management representation letter, (2) HUD’s improper use of cumulative and first-in, first-out budgetary accounting methods of disbursing community planning and development program funds, (3) the $4.2 billion in nonpooled loan assets from Ginnie Mae’s stand-alone financial statements that we could not audit due to inadequate support, (4) the improper accounting for certain HUD assets and liabilities, and (5) material differences between HUD’s subledger and general ledger accounts. This audit report contains 11 material weaknesses, 7 significant deficiencies, and 5 instances of noncompliance with applicable laws and regulations.
Gee, just how do you steal that much money?
The total amounts of errors corrected in HUD’s notes and consolidated financial statements were$516.4 billion and $3.4 billion, respectively. There were several other unresolved audit matters, which restricted our ability to obtain sufficient, appropriate evidence to express an opinion. These unresolved audit matters relate to (1) the Office of General Counsel’s refusal to sign the management representation letter, (2) HUD’s improper use of cumulative and first-in, first-out budgetary accounting methods of disbursing community planning and development program funds, (3) the $4.2 billion in nonpooled loan assets from Ginnie Mae’s stand-alone financial statements that we could not audit due to inadequate support, (4) the improper accounting for certain HUD assets and liabilities, and (5) material differences between HUD’s subledger and general ledger accounts. This audit report contains 11 material weaknesses, 7 significant deficiencies, and 5 instances of noncompliance with applicable laws and regulations.
Gee, just how do you steal that much money?
The Obama Administration had theft down to a science. Wait until Freddie Mac and Ginnie Mae are fully audited. Those funding sources were LOOTED with reckless abandon by the ObamaNation. Will the corrupt, elite, smug mainstream media investigate? Not on your life.
ReplyDeleteIf Hillary had been elected, we would have been pushed beyond the tipping point and it would have ended up very badly for us. We're still in a world of hurt.
Let's hope there's still a chance to work our way out.
DeleteGotta ask this....is that real "green money" or is this just some sleight of hand accounting method thing?
ReplyDeleteEveryone yaps about a billion here, a billion there, saving money here, saving money there; and yet my taxes never go down or the miscreants in government never get their tally wackers whacked.
I look at and read these articles and I go, "hm, so what".
So when are the "good guys" going to see the result of "our" election? When is this government going to get disciplined?
Steve
Excellent question.
Delete